The Biggest Myths About Outsourcing Accounting Serivces

The Most Common Myths About Outsourcing Your Accounting Services


The backbone of any company, whether they be large or small is undoubtedly their finances. Being such a crucial part of any business, this is also the biggest cause of concern for any company. Forbes recently published an article that looked at the trends of outsourcing accounting departments and in year 2012 alone, there was over a million dollar increase year over year in outsourcing accounts. Looking at these numbers, there is no doubt that outsourced accounting is here for the long-run.

Those who don’t work in my company don’t know what’s best for it

This is undoubtedly the biggest myth when it comes to outsourcing accounting and bookkeeping. While this outside accounting firm may not be involved in your day-to-day activities, they are likely far more versed in the practice of accounting that you will ever be and furthermore, they also likely have tons of experience in your niche and many others. With this wealth of experience already under their belt, they can already come to the table with a ton to offer. With just a little effort understanding your day to day business strategy, they will likely have your accounting department running smother than ever.

I won’t outsource because that means I won’t have full control over my business.

This is another one of those fears that every business owner has when handing over the keys of their business to someone else. In fact, the Association of Chartered Certified Accountants actually labeled this as the greatest fear CEOs have. While this might sound counterintuitive to most, by handing over you accounting department to an outside firm, you will have much greater control over your company. Let us explain. By not having to worry about the little nit-picky things that often drag you away from really running your business, you will now have all the time in the world to really start paying attention to the things that really matter. By having someone else putting together all of the data for you, you are then just given the full reports to analyze, which allows you to spend less time on the mind-numbing projects and start worrying more about your bottom line. Additionally, by getting a more high-level overview of how your business is running, this will allow you to more easily make executive decisions on the fly and benchmark yourself against other industry leaders.

Outsourcing sounds great, but I just cant afford it.

Yes you can. While most don’t even take the time to fully explore this solution, outsourcing will actually end up costing you less that having to pay a staff of full-time employees. Additionally, the people you are hiring, already have access to the best tools in the market that is already included in the price of admission. When actually broken-out, companies often save over 50% when outsourcing these services. Many don’t think about all the additional cists that are associated with having an internal team which expands far beyond just paying salaries. By outsourcing, you will have more time to pay attention to what matters, gain access to the most advanced technologies and have the brightest brains on your team at just a fraction of the cost of having an internal team.

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